Chapter 7 vs chapter 13 bankruptcy

Filing for bankruptcy can be a major decision, and many people understandably have the same questions and concerns about bankruptcy. Bankruptcy FAQs can help you to learn the basics of the process and relieve any misgivings you have about bankruptcy. The right bankruptcy tips and advice can answer a lot of your basic questions about the process and consequences of filing for bankruptcy. If basic bankruptcy FAQs cannot help you, it is definitely time to contact a professional bankruptcy attorney.

More than one million Americans are going to file for bankruptcy this year. In the third quarter of 2012 alone, almost 10,000 people filed for bankruptcy in Indiana. You are not alone in your situation or your questions. Even highly paid professional athletes often file for bankruptcy just two years after they retire.

The reasons for filing for bankruptcy tend to be about as common and uniform as peoples’ questions about bankruptcy. Medical bills, job loss, and divorce are the three most common causes of bankruptcy. Whatever the cause, though, certain types of debts cannot be erased by declaring bankruptcy, like alimony and child support debts. However, on the other hand, most states protect certain kinds of property from your creditors so that filing for bankruptcy will not render you destitute.

Bankruptcy FAQs often revolve around the pros and cons of filing for bankruptcy. While filing for bankruptcy can feel painful at first, the whole point of bankruptcy law is to protect debtors who have taken on too much debt or have just fallen on hard times so they can get out from under the shadow of their obligations and back on their feet. Ultimately, bankruptcy law is designed to protect you and to help you to restart your life. Indiana bankruptcy attorneys can help you to navigate these different concerns and your other bankruptcy FAQs. See this link for more.